China likely to cut tax on luxury products

Models carrying shopping bags of luxury fashion brands parade during a show at the International Finance Center (IFC) in the Lujiazui Financial District in Pudong, Shanghai, China, 13 September 2011. China is likely to lower the tax rate on luxury commodities to boost domestic consumption by the end of this year, China Youth Daily reported Tuesday (13 September 2011). By the end of March, the total consumption in the country reached US$10.7 billion, accounting for a quarter of the global market share and ranking second in the world in terms of luxury commodity consumption after Japan, according to a report by the World Luxury Association (WLA) in July. Statistics from the Ministry of Commerce show the price of 20 high-end commodities including watches, bags, clothes, wine and electronic products in the Chinese mainland are 45 percent higher than in Hong Kong,

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